Big money in the sky

Iconic Houston skyscraper officially changes hands after a near $420 million sale

Iconic Houston skyscraper officially changes hands after a near $420 million sale

Williams Tower, Transco Tower, downtown Houston, skyline
Sold! The Williams Tower, for an estimated $420 million Photo by Jack Opatrany/Greater Houston Convention and Visitors Bureau

Hines announced that Hines Real Estate Investment Trust has closed the sale of the iconic 64-story Williams Tower connected to The Galleria to a fund managed by Invesco Real Estate. The sales price was not announced, but industry experts said it was expected to sell for close to $420 million — making it one of the largest deals ever in Houston real estate.

The building, originally known as Transco Tower, is located adjacent to the Gerald D. Hines Waterwall Park, which is named for the founder of the Houston-based real estate development firm. The Waterwall fountain and park is a tourist attraction.

 Atop the Williams Tower, a 7,000-watt, revolving beacon can be seen for miles around, creating a virtual urban lighthouse. 

The  1.4 million-square-foot office tower serves as the corporate headquarters of Hines, one of the largest real estate developers in the world. The tower is more than 95 percent leased to tenants that include Williams, Rowan Companies, Quanta Services and Cadence Bancorp

Williams Tower is connected by skywalk to The Galleria, the mixed-use project and massive shopping center that was developed by Hines.

Atop the Williams Tower, a 7,000-watt, revolving beacon can be seen for miles around, creating a virtual urban lighthouse.

Developed by Hines in 1983, the tower was the tallest skyscraper in the world outside of a Central Business District (CBD) when it was built and it still reigns as one of the tallest “non-downtown” buildings.  Designed by renowned architects Philip Johnson and John Burgee, the tower's familiar silhouette on the Houston sky carries an art deco style.